Spain: Froiz completes acquisition of Supermercados Moldes stores
Spanish supermarket chain Froiz has announced that it has completed the acquisition of 27 stores previously belonging to rival retailer Supermercados Moldes.
The acquisition sees Froiz strengthen its position in the Spanish region of Galicia, where it will now operate in excess of 300 stores. The deal includes the 27 stories – 26 located in the province of Pontevedra and another in Lugo – as well as a logistics warehouse in the city of Lerez.
According to sources, both companies said that they would prioritize the employment and working conditions of the 400 staff affected by the deal.
The acquisition strengthens the position of Froiz as the third largest food retailer in Galicia, with an expected annual turnover of just over €590 million ($744 million).
Source: Faro de Vigo